Tough to beat this answer from @Michael PlaksYou can also check out these two recent posts that walk through Section 121 Exclusion and 1031 Exchange guidelines and strategyHow Section 121 Exclusion and 1031 Exchange works: https://www.biggerpockets.com/forums/51/topics/1195208-1031-and-sec-121-experts-want-to-sell-rental-but-tax-worried What not to do if you don't meet the requirements for Section 121 Exclusion and 1031 Exchange:  https://www.biggerpockets.com/forums/51/topics/1195383-5k-for-cap-gains-tax-opinion-quote-that-reasonable ...

I have walked into properties that were the equivalent of crawling into a dog house. 

Nicer and closer to ASU, lower cap, less nice and a further walk, a little bit above 6%.Do you have something brand new or needing some work?

Can we walk away or do they really have legal action that can be taken against us?

Consider arriving early if the auction allows potential buyers to walk through the home first.

I agree that is walking a very fine line with Fair Housing Laws.

It is a bonus for a buyer to walk into bookings after a purchase and give them some piece of mind that they are getting enough revenue to cover the first couple mortgage payment, but thats about it.

For instance, today, walking the project I noticed that we didn't address the washer values. 

My first year was filled with attending classes (I'm with Keller Williams, and they provide awesome free training to their agents), talking to people (in grocery stores, family, online chat rooms, etc), and listening to Bigger Pockets podcasts as I drove (alone) or walked my dog.Literally in year 3, I started getting repeat clients. 

Do a walk thru for physical6.